Ask Stacy: Should I Buy or Lease a Car?

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Man in New Car
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Welcome to “Ask Stacy,” a video feature in which I answer a money question submitted by a reader or viewer. (Learn how to send in a question of your own below.)

Also, I have a note for those of you who would rather read an article than watch a video: I feel you. I, too, am a reader first, watcher second. But these videos are short and painless. Give them a try! You just might find you like them.

Today’s question is about cars; specifically, whether an 87-year-old driver — or anyone else — should lease a vehicle instead of buying. My answer also offers advice for anyone thinking of financing a car.

Personally, I’ve never owned a new car and have leased only one vehicle, and that was many years ago. The reasons? When it comes to buying, I’m not fond of purchasing things that plunge in value by thousands of dollars before you get them home. When it comes to leasing, I don’t like signing long-term contracts with a lot of restrictions and no way out.

But that’s just me. If there’s a new car in your future and you’re pondering the buy/lease question, here’s what I think you should do.

For more information on this topic, check out “Does It Ever Make Sense to Lease a Car?” and “7 Car-Leasing Myths That Cost You Big Money.”

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About me

I founded Money Talks News in 1991. I’m a CPA, and have also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

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